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SIMMONS &.,WHEELER,P.C. Certified Public Accountants
<br /> 8005 South Chester Street,Suite 150,Centennial,CO 80112 (303)689-0833,Fax(303)689-0834
<br /> September 12, 2014
<br /> Inverness Water and Sanitation District
<br /> Arapahoe and Douglas Counties, Colorado
<br /> Colorado Water Conservation Board
<br /> Denver, Colorado
<br /> Butler Snow LLP
<br /> Denver, Colorado
<br /> We have reviewed certain provisions of Loan Contracts C150409A, C 150409B, C150409C and
<br /> C150409D (the "2014 Loans") adopted and to be approved on October 1, 2014, between the
<br /> Department of Natural Resources, Colorado Water Conservation Board ("CWCB") and
<br /> Inverness Water and Sanitation District(the"District").
<br /> We have reviewed the District's outstanding General Obligation Refunding Bonds, Series 2012
<br /> as to voted water improvement authorization used and annual repayment of principal and interest
<br /> through maturity.
<br /> To summarize, on November 1,2005 a majority of the qualified electors of the District who
<br /> voted in the election authorized the issuance of general obligation indebtedness in an amount not
<br /> to exceed$20,000,000 for the extension and improvement of the existing potable and non-
<br /> potable water supply,storage transmission and distribution system of the District. The election
<br /> further limited the annual repayment cost for such debt to be no more than$3,300,000 and the
<br /> total repayment costs to not be more than$99,000,000.
<br /> The District issued its General Obligation Bonds, Series 2006B in the amount of$10,000,000 on
<br /> June 2,2006 of which$6,000,000 was used for water improvements and the balance of
<br /> $4,000,000 was allocated for sewer improvements.
<br /> On October 21, 2008 the outstanding Series 2006B Bonds in the amount of$7,710,000 were
<br /> current refunded by the General Obligation Refunding and Improvement Bonds Series 2008 in
<br /> the amount of$10,000,000. $790,000 of voted authorization was used for water improvements
<br /> and$2,290,000 for sewer improvements.
<br /> On April 3, 2012 the District current refunded the$10,000,000 of Series 2008 Bonds with
<br /> General Obligation Refunding Bonds, Series 2012 in the amount of$10,000,000.
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